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FEC Proposes N13.08tn Spending Estimates for 2021 Targets N7.9tn revenue, 1.86m bpd oil output, N4.48tn deficit Omololu Ogunmade in Abuja The Federal Executive Council (FEC) yesterday proposed a N13.08 trillion budget for 2021 fiscal year ahead of its presentation to the National

Assembly next week by President Muhammadu Buhari. Briefing reporters after the weekly virtual FEC meeting in the State House, the Minister of Finance, Budget

and National Planning, Mrs. Zainab Ahmed, said the budget estimate comprises a capital expenditure of 29 per cent of the total budget. The minister, who did not disclose the capital and

recurrent budget figures, explained that the 29 per cent capital budget projection in the budget is higher than the 24 per cent projection in 2020 budget, but lower than the initial target of 30 per cent.

The minister has also predicted that the Nigerian economy would recover in early 2021. According to her, the budget proposal is predicated on $379 exchange rate, oil benchmark

of $40 barrel per day, oil production volume of 1.86 million barrels per day (bpd), including 400,000 barrels per day of condensates, Gross Continued on page 79

FG Pays N1.5tn as Electricity Subsidy in Four Years... Page 78 Thursday 1 October, 2020 Vol 25. No 9306. Price: N250

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Queen Elizabeth, Abdulsalami, Jonathan, Lawan, Govs Salute Nigerians at 60 OPS, others outline strategies for Nigeria’s economic recovery Buhari addresses nation today Omololu Ogunmade, Chuks Okocha, Kingsley Nwezeh, Adedayo Akinwale in Abuja, Raheem Akingbolu, Dike Onwuamaeze and Chris Uba in Lagos The Queen of England, Elizabeth II; former President Goodluck Jonathan; ex-

military Head of State, Gen. Abdulsalami Abubakar (rtd); President of the Senate, Dr. Ahmad Lawan; and the governors elected on the platform of the All Progressives Congress (APC), yesterday congratulated Nigerians on today’s occasion of the country’s 60th independence

anniversary. President Muhammadu Buhari will signal the low key nature of the celebrations with a broadcast this morning, a shift from the elaborate programme earlier schedule to hold at the Eagle Square in Abuja. A statement by Special

Adviser to the President on Media and Publicity, Mr. Femi Adesina, said the queen's message to President Muhammadu Buhari was conveyed by the British High Commission in Nigeria. He quoted the queen as saying: “It gives me great pleasure to offer my warmest

congratulations on the 60th anniversary of Nigeria’s independence, together with my best wishes for your country’s continued happiness and prosperity. “The United Kingdom and Nigeria benefit from strong and enduring ties as Commonwealth partners

THISDAY ARISE Group Celebrates Nigeria @60 Today Alike Ejiofor THISDAY ARISE Group will today host a six-hour global virtual commemoration to mark Nigeria’s 60th independence anniversary. The event billed to feature renowned world leaders, who have been scheduled to give speeches as well as performances from global musical acts and fashion icons, is to commence from 5p.m. GMT to 11p.m. According to a schedule of events released by the management of THISDAY ARISE Group, “The event will include music from leading performers, fashion from top designers, speeches from icons,

statesmen, global leaders as well as business and thought leaders, and an evening of fun, stories, art, and all that. “It will be a virtual event produced and broadcast from Lagos, Abuja, and London, but staged in various cities around the world and streamed to a global audience on ARISE Play, ARISE NEWS CHANNEL, YouTube, Instagram, Facebook, and Twitter amongst other media channels.” With the welcome address to be delivered by the Chairman, THISDAY ARISE Group, Prince Nduka Obaigbena, the event, which will be anchored by the duo of Ojy Okpe and Charles Aniagolu, and powered by

Access Bank, Guaranty Trust Bank, Zenith Bank and Bet9ja, amongst other concerns, will, however, play virtual host to a legion of local and global figures. Those already listed for the epoch-making events are President Muhammadu Buhari, Vice President Yemi Osinbajo, former President Olusegun Obasanjo, Chief Yakubu Gowon, Mr. Boss Mustapha, Nobel Laureate, Wole Soyinka, Ahmed Joda, Alhaji Aliko Dangote, Chief Emeka Anyaoku and Chief Ayo Adebanjo. Others are the Sultan of Sokoto, Mohammed Continued on page 79

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through shared history and most importantly, our people. These are bonds that I hope and believe will flourish long into the future.” In his goodwill message, Jonathan told Nigerians not to lose hope in their nation even Continued on page 79


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